BTF vs. EETH

Last updated Jun 24, 2026

BTF (Valkyrie Bitcoin and Ether Strategy ETF) and EETH (ProShares Ether Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTF returned -36.03% vs -31.81% for EETH. With a 0.96 correlation, they move nearly in lockstep. BTF charges 1.24%/yr vs 0.95%/yr for EETH.

Performance

BTF vs. EETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin and Ether Strategy ETF (BTF) and ProShares Ether Strategy ETF (EETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTF achieves a -37.72% return, which is significantly higher than EETH's -45.17% return.

BTF

• 1D: -3.72%
• 1M: -18.83%
• YTD: -37.72%
• 6M: -37.84%
• 1Y: -36.03%
• 3Y*: 5.96%
• 5Y*: —
• 10Y*: —

EETH

• 1D: -4.16%
• 1M: -19.80%
• YTD: -45.17%
• 6M: -45.15%
• 1Y: -31.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTF vs. EETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	-37.72%	-12.44%	67.60%	54.09%
EETH ProShares Ether Strategy ETF	-45.17%	-17.19%	33.29%	31.40%

Correlation

The correlation between BTF and EETH is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.96

The correlation between BTF and EETH has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

Return for Risk

BTF vs. EETH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTF

BTF Risk / Return Rank: 4
BTF Sharpe Ratio Rank: 4
BTF Sortino Ratio Rank: 4
BTF Omega Ratio Rank: 4
BTF Calmar Ratio Rank: 4
BTF Martin Ratio Rank: 4

EETH

EETH Risk / Return Rank: 5
EETH Sharpe Ratio Rank: 5
EETH Sortino Ratio Rank: 6
EETH Omega Ratio Rank: 6
EETH Calmar Ratio Rank: 5
EETH Martin Ratio Rank: 5

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTF vs. EETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) and ProShares Ether Strategy ETF (EETH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTF	EETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	-0.46	-0.20
Sortino ratio: Return per unit of downside risk	-0.75	-0.30	-0.45
Omega ratio: Gain probability vs. loss probability	0.92	0.97	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.59	-0.46	-0.13
Martin ratio: Return relative to average drawdown	-1.01	-0.77	-0.24

BTF vs. EETH - Sharpe Ratio Comparison

The current BTF Sharpe Ratio is -0.66, which is lower than the EETH Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of BTF and EETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTF vs. EETH - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than EETH's maximum drawdown of -68.70%. Use the drawdown chart below to compare losses from any high point for BTF and EETH.

Drawdown Indicators

	BTF	EETH	Difference
Max Drawdown Largest peak-to-trough decline	-77.50%	-68.70%	-8.80%
Max Drawdown (1Y) Largest decline over 1 year	-60.85%	-68.70%	+7.85%
Max Drawdown (3Y) Largest decline over 3 years	-60.85%	—	—
Current Drawdown Current decline from peak	-59.27%	-67.08%	+7.81%
Average Drawdown Average peak-to-trough decline	-39.85%	-30.17%	-9.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.81%	41.47%	-5.66%

Volatility

BTF vs. EETH - Volatility Comparison

The current volatility for Valkyrie Bitcoin and Ether Strategy ETF (BTF) is 15.71%, while ProShares Ether Strategy ETF (EETH) has a volatility of 19.49%. This indicates that BTF experiences smaller price fluctuations and is considered to be less risky than EETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTF	EETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.71%	19.49%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	39.94%	46.97%	-7.03%
Volatility (1Y) Calculated over the trailing 1-year period	55.04%	69.41%	-14.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.48%	69.09%	-10.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.48%	69.09%	-10.61%

BTF vs. EETH - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than EETH's 0.95% expense ratio.

Dividends

BTF vs. EETH - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 233.68%, more than EETH's 96.89% yield.

Position	TTM	2025	2024	2023
BTF Valkyrie Bitcoin and Ether Strategy ETF	233.68%	146.05%	52.96%	15.98%
EETH ProShares Ether Strategy ETF	96.89%	56.98%	10.82%	0.52%

Frequently Asked Questions

Can I hold both BTF and EETH in my portfolio?

With a correlation of 0.98, BTF and EETH move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTF or EETH?

EETH has higher volatility (19.49%) compared to BTF (15.71%). In terms of maximum drawdown, BTF dropped -77.50% vs EETH's -68.70%.

Which ETF is better, BTF or EETH?

On 1-year performance, EETH leads with -31.81% vs -36.03% for BTF. On fees, EETH is cheaper at 0.95% per year. On volatility, BTF has been the lower-risk option at 15.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTF or EETH?

Over the 1-year period, EETH has performed better with a -31.81% return vs -36.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTF or EETH?

EETH is cheaper with a 0.95% expense ratio, compared with 1.24% for BTF.

Which ETF pays a higher dividend yield, BTF or EETH?

BTF has the higher dividend yield at 233.68%, compared with 96.89% for EETH.

What is the main difference between BTF and EETH?

They also come from different issuers: Valkyrie and ProShares. Their fees differ too: 1.24% for BTF and 0.95% for EETH.

Which has better risk-adjusted returns?

EETH currently has the higher Sharpe Ratio (-0.46 vs -0.66), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.